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State to get $1.6M in ‘robo-signing’ settlement

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Indiana will receive more than $1.6 million from a Florida-based company after agreeing to settle claims that it fraudulently “robo-signed” mortgage-related documents. Indiana Attorney General Greg Zoeller announced the settlement Friday, which is part of a $120 million multi-state settlement with Lender Processing Services Inc.

The consent judgment, if approved by a judge in Marion County where it was filed, settles claims that LPS robo-signed documents with unauthorized signatures and inaccurate information and engaged in other improper conduct related to mortgage loan default servicing.

Once the judgment is entered by the courts, the company has to review its millions of mortgage-related documents from Jan. 1, 2008, to Dec. 31, 2010, to determine if any documents need to be corrected or re-executed.

The $1.6 million will be used for consumer education efforts and to reimburse the AG’s office for the costs of the investigation. The District of Columbia and 43 other states also will receive a share of the overall settlement.

 

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